Emphasising the need to strengthen the bilateral trade and economic engagement with a greater degree of flexibility, Union Minister of Railway and Commerce Industry Piyush Goyal on Wednesday invited the United States to look at India as its manufacturing base. While speaking at the annual US-India Business Council's Business Summit, the Union Minister informed that India has set a modest trade target of half a trillion-dollar, which can be achieved through continuous engagement between the 2 nations.
Piyush Goyal said, "India looks forward to working very closely with the new US administration to strengthen the ever-expanding ties in a variety of areas. We need to further India-US trade and economic engagement with a greater degree of flexibility."
Stating that by setting up manufacturing units in India, America will be able to serve a large Indian market and also serve global markets through cost-competitive products, Goyal urged US businesses to look at India as its manufacturing base. Pointing towards India's reforms in defence, mining, labour and agriculture sector, he said that all these will help open up new opportunities for the American companies.
The Minister said that India shall now have 74 per cent FDI permitted through the automatic route in insurance, which was specifically asked for by the US. "This will help insurance companies grow in India," he added. Speaking further, the Railways Minister said that the US offers technology, finance and innovation, whereas India has a large market that needs to be served.
"The US and India complement each other. While the US offers technology, finance and innovation, India has a large market that needs to be served. At the same time, we need to protect people in agriculture and protect them from low-quality products," Goyal said.
Highlighting the fact that India provides an under-served aspirational market, the Union Minister said that America will have to be very sensitive to price points in India, which matter to emerging economies with millions of people just coming out of poverty. Asserting that India looks forward to re-kindle the bilateral institutional mechanism for trade, he said that the Trade Policy Forum and commercial dialogue between the 2 countries will help to deepen this relationship.
"As democracies wanting to give a better future to our people, we have a lot of synergy in our thinking. I am delighted to hear that the new administration has re-joined the Paris Agreement," said the Commerce Ministry.
On India's interest in expanding digital space with the US, the Minister said that India will be conscious of its responsibility to the netizens of the country for data privacy. "There are a lot of concerns with the big tech companies, and India would like to protect its policy space," he noted.
Informing that India has been providing free health services to 500 million people, the Railway Minister said that the government has increased its budget on healthcare very significantly and has also decided to invest very large amounts of money on the "Jal Jeevan Mission" in the upcoming 4-5 years.
A pleasure to participate with Hon’ble CIM @PiyushGoyal @USIBC’s State of US-India Business this morning. The India-US trade and economic partnership will be a source of strength and prosperity for our two countries and a force multiplier for the world at large. pic.twitter.com/gNp6PdkRLk— Taranjit Singh Sandhu (@SandhuTaranjitS) February 17, 2021
Honoured to interact with distinguished Padma & Pravasi Bharatiya Samman awardees from the US this afternoon. Their pioneering contributions in diverse fields is a matter of great pride. Encouraged them to stay connected & participate in India’s development journey. pic.twitter.com/ycUkKkrL22— Taranjit Singh Sandhu (@SandhuTaranjitS) February 17, 2021
(With ANI inputs)